According to a recent survey of gold and silver industry operators, experts believe that gold prices could rise by 10% within the next year, potentially reaching a new all-time high.
At the annual meeting of the London Bullion Market Association held in Miami, representatives forecast that by the end of October next year, the price of gold will average $2,917.40 per ounce. This projection reflects an increase of nearly 10% from current gold price levels and is based on the average predictions of major traders, refiners, and miners attending the conference.
So far this year, spot gold prices have skyrocketed by approximately 29%, fueled by geopolitical tensions and economic uncertainties. Gold has traditionally been viewed as a safeguard for wealth and an attractive diversification investment. The recent interest rate cuts by the U.S. Federal Reserve have played a significant role, pushing gold prices above $2,685 per ounce in September, marking a historic high.
In a low interest rate environment, non-yielding gold assets tend to perform better.
Interestingly, industry insiders believe that silver may outperform gold in the coming year. Representatives surveyed by the LBMA project that by the end of October next year, silver prices could surge by 43%, averaging around $45 per ounce.
